Immutable Token Crashes Hard After Polygon Partnership Reveal

Republished By Plato

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Immutable announced its partnership with Polygon to launch Immutable zkEVM.
Contrary to expectations, IMX crashed 12% right after the partnership reveal.
However, in the last 7 days, IMX has pumped by 31.3%

Immutable announced that it has inked a partnership with Polygon to launch Immutable zkEVM for Web3 game development. The recent reveal made a drastic change to the price of Immutable’s token IMX — only that instead of going up, the token is crashing down.

IMX/USDT 4-hour chart (source: TradingView)

In the wake of the partnership announcement, IMX holders made an escape from the altcoin as if the partnership was a bad omen.

Nobody would have expected the partnership to have a negative effect on the token price, especially since Polygon is one of the leading altcoins today in market capitalization.

For those who know little about what Immutable does, Immutable is a Web3-based project that focuses on creating a decentralized gaming ecosystem. The platform has already partnered with promising Web3 games like Illuvium, Ember Sword, Gods Unchained, Guild of Guardians, and Cross the Ages — a game built on Polygon.

Partnering with Polygon would have added huge leverage to IMX, only it did the opposite of what many expected. In fact, in the days leading up to the partnership announcement, Immutable did a countdown to tease the public of its latest milestone.

At the time of writing, IMX is changing hands at 1.28, according to CoinGecko. However, those who purchased IMX last week would have taken profit, as the token has pumped by 31.3% in the last 7 days.

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Tags: Immutable Polygon web3

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.